Housing Affordability in Canada Worsens as Nearly One in Four Households Struggle
Statistics Canada reports that housing affordability declined in 2024, with 23.2% of households spending over 30% of their income on shelter costs. Renters and homeowners with mortgages faced the most significant financial strain.
Housing affordability in Canada deteriorated in 2024, according to new data from Statistics Canada. The agency reported that 23.2 per cent of Canadian households lived in unaffordable housing, defined as spending 30 per cent or more of their income on shelter costs. This represents an increase from 22 per cent in 2022.
The burden of high housing costs fell disproportionately on renters. In 2024, 33.7 per cent of renters were living in unaffordable housing, compared to 17.4 per cent of homeowners. Overall, the demographic breakdown of housing tenure showed that 36.6 per cent of households were homeowners with a mortgage, 27.8 per cent were homeowners without a mortgage, and 31.3 per cent were private market renters.
Affordability also worsened specifically for those carrying debt. Among homeowners with a mortgage, 26.1 per cent lived in unaffordable housing in 2024, up from 23.6 per cent in 2022. Furthermore, 36.2 per cent of this group reported experiencing financial difficulty due to mortgage costs, marking a 7.9 per cent increase from 2022 levels.
Recent movers faced significantly higher costs than long-term tenants. The average monthly rent for tenants who moved within the past two years was $1,740 in 2024, whereas those who had lived in their current home for more than two years paid an average of $1,290. Consequently, 40 per cent of recent movers faced unaffordable housing conditions, compared to 32.2 per cent of sitting tenants.